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About
Shared
Ownership
Shared Ownership allows you to buy a share of your home, paying a monthly payment (or ‘rent’) on the remaining share that we own.
How it works
First, you find a home you love – either a new-build or one being resold as a resale. To start with, you buy a share of it. It can be from just 10%, but is usually between 25% and 75%, which means you will need a smaller deposit and mortgage. You can buy more shares of your home in the future, working towards owning your property outright. Whatever you decide, the SO Resi team is here to help make your homebuying journey straightforward.
For example...
Say you buy a 25% share of a flat worth £300,000 - that’s £75,000. You would need:
- a deposit of 5% of £75,000 – that’s £3,750
- a mortgage on the difference between £75,000 and £3,750 – that’s £71,250
You will also pay:
- a monthly payment on the remaining 75% share of the property - approx £516
- a monthly service charge for the upkeep of communal areas - approx £120
- the usual costs of running a home such as council tax, water, electricity, gas, insurance, etc.
Eligibility
You can apply to buy a shared ownership property if:
- You do not own (or part-own) a property at the time of completing on your purchase
- You are employed or have other income, such as a pension, and your household income (before tax) is less than £90,000 in London, or £80,000 anywhere else
- You fulfil our affordability criteria, ensuring that you can afford to live in your Shared Ownership home
- Key workers and some other groups have priority
- For some SO Resi homes you must live or work in the borough already
- Your income covers the monthly costs and you can save enough for the deposit and other one-off costs
How to apply
Create a SO Resi account and fill in our Shared Ownership application form.
Once you’ve applied, we’ll let you know whether or not you are eligible for Shared Ownership. This takes about seven days.
Buying more shares
As a shared owner, you can buy more shares of your home at any time, from a minimum of 5%, working towards owning your property outright.
Buy 1% more a year
If your home was built after 2020, you may be able to buy a 1% share each year, for the first 15 years of ownership, with no hidden costs.
Selling your home
If you ever want to move on, it’s simple to sell your Shared Ownership home. SO Resi has a dedicated sales team to help with everything from valuing to marketing your home.